Update as of 1/6/25:
The Merit Panel of the Fifth Circuit Appeals Court has reinstated the injuction against the BOI. The Beneficial Ownership Interest reports are again on hold until further notice. The Department of Justice took the case to the US Supreme Court several days ago. While that case is pending, businesses are not required to file a report. however, they may do so on a voluntary basis.
Original article:
From Joseph Kim, CPA/MST, Director of Taxation at Ludwig Business Consultants:
On December 23,2024 the federal court of appeals ruled that the reporting companies are once again required to file Beneficial Ownership Interest (BOI) report with the Financial Crimes Enforcement Network. Following the court decision, FinCEN extended the due date to January 13, 2025, for most reporting companies. The reporting companies who are affected are:
- Reporting companies created on or before January 1, 2024.
- Reporting companies created or registered in United States on or before September 4, 2024, that have filing deadline between December 3, 2024, and December 31, 2024.
- Reporting companies registered or created on or after December 3, 2024, and on or before December 23, 2024 (date of court decision) have an additional 21 days from the original deadline.
If have any questions, please contact Joseph Kim, Director of Taxation at Ludwig Business Consultants.
